Meg and Hank have a son, Roy, who is severely disabled and will need assistance with custodial care for the remainder of his life. They own a successful business and would like to set aside $1,000,000 to provide for his quality of life needs without causing the loss of any government benefits to which Roy is entitled. Which of the following is the most appropriate recommendation for meeting their needs? a. Own the funds in a POD brokerage account with Roy as the beneficiary.
b. Transfer the funds to an ABLE account.
c. Establish and fund a third party special needs trust.
d. Purchase a life insurance policy with a $1,000,000 death benefit, naming Roy as the beneficiary.